BMW India To Start NBFC Opertions in June 2010: To Invest INR 220 Crore
With the launch of the Sixth Generation 5 Series, BMW India announced the start of a new innings in the country. Mr. Peter Kronschnabl, President BMW India, proclaimed starting of their new NBFC ( Non Banking Finance Corporation) in June this year.
The German Luxury car maker has plans to invest Rs. 220 crores ($50Mn) in the business.
“We see a tremendous potential in the Indian market, especially on the car finance segment. BMW plans to invest over USD 50 million in the next two-years to set up offices and start operations of BMW-NBFC,” BMW India President Peter Kronschnabl said.
With the Indian luxury car market growing, BMW expects the sales figure to touch 11,000 units this year.
Source : The Economic Times
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